ASIC eyes Richard White as WiseTech board tells shareholders they are ‘confident’ of strong leadership

Richard White is being watched by ASIC as his personal crisis continues to engulf WiseTech, while the company’s board tries to assure shareholders it continues to have strong leadership.

WiseTech billionaire Richard White is being eyed by Australia’s corporate cop, with the company’s chairman telling investors internal executives could step up to replace the tech mogul amid speculation over his future.

WiseTech Global chair Richard Dammery moved to assure shareholders that the company had a strong executive team that could run the company if founder and chief executive Mr White needed to step back.

The tech company is set to hold a function for staff at its Sydney office on Thursday to celebrate the 30th anniversary of Mr White starting the business.

In meetings with shareholder groups this week, ahead of the company’s annual meeting on November 22, Mr Dammery said he was confident that the company had strong senior leadership that was ready to take more responsibility if anything happened to its 69-year-old founder and chief executive.

“He said he had a lot of confidence in the executive team at WiseTech,” Australian Shareholders’ Association chief executive Rachel Waterhouse said of the meeting on Wednesday with ASA representatives.

“He said they had a very capable executive team around Richard which could step up if needed. They have a lot of systems and processes in place.”

Citi analyst Siraj Ahmed said he believed WiseTech’s succession planning would involve Mr White stepping away from chief executive duties to become an executive director or a “strategic adviser to ensure continuity of growth and performance”.

Linda Rogan (left) arrives at Federal Court. Picture: NewsWire / Nikki Short

Australian Securities & Investments Commission deputy chair Sarah Court told a press conference on Wednesday the regulator was aware of a string of allegations against Mr White in the past three weeks.

“We are aware of it, and are monitoring it, but I’m not going to comment any further at this stage,” she said.

Mr White settled a court fight over $90,000 with beauty entrepreneur Linda Rogan this week.

Mr White, who is worth close to $15bn himself, tried to bankrupt the woman, after – she alleged – he offered her business advice and a $13m mansion in Sydney’s Vaucluse in exchange for sex.

Ms Rogan purchased $90,000 worth of luxury furniture for the property, but claimed it was useless after she was locked out of the mansion when Mr White’s now wife Zena Nasser discovered the pair’s affair.

Ms Rogan successfully applied for garnishee orders to get the $90,000 from Mr White’s bank account, but he filed bankruptcy proceedings against her to get the money back.

It’s understood the settlement was worth more than $1m to Ms Rogan, and according to sources a non-disclosure clause was agreed to.

Neither Ms Rogan nor her solicitor would comment for this story.

The non-disclosure clause is understood to be the second for Mr White, after a partnership with businesswomen Marcia Kensell broke down.

Mr White allegedly purchased her a home to live in, in Sydney’s Lane Cove, only for the pair to later fall out. She took a caveat on the property in February 2020.

The Australian can reveal that Ms Kensell also took a caveat out on Mr White’s large Bexley compound in Sydney, before the pair later settled their dispute out of court.

Ms Kensell has not responded to requests for comment.

Psychologist Jenna Riches told The Australian Mr White’s tone towards her turned sexual after she approached him on LinkedIn for business advice.

Ms Riches alleged the pair had sex a number of times before Ms Nasser told her to stop contacting him.

Ms Waterhouse of the ASA said the increasing pressure on White as chief executive – in the wake of allegations about former girlfriends and White’s property purchases for them, including a current WiseTech employee – would mean the selection of a new chief financial officer for the company was particularly important.

The company announced in August that long-time chief financial officer Andrew Cartledge would be retiring at the end of next year.

Mr Cartledge, who joined Wise­Tech in September 2015 after a successful career in global finance, will remain in the role until September next year to help deliver the 2025 financial year results and then continue with the company for the rest of the calendar year to ensure a smooth handover.

Ms Waterhouse said the chief financial officer role was often seen as a stepping stone towards becoming chief executive.

“Often you look to the CFO as the second person in the company who can step up to the CEO role,” she said. “They often know what’s happening across the entire organisation. It will be important for WiseTech to get it (the selection of a new CFO) right. It’s a really critical role.”

Jennifer Riches has come forward to say she is another woman duped by Richard White CEO of WiseTech Global. Picture: Jane Dempster

Mr White has continued to run the company throughout the controversy, indicating last week that he had no plans to step back from the day to day running of the company or to take a break.

But he has also indicated that he will work with the board, which announced this week that it was “reviewing the full range of matters raised (in) media reports and is actively taking external advice”.

The latest revelations include the news that White bought a $7m house in Melbourne’s Docklands area for a former long-time lover, Christine Kontos, who continues to work in WiseTech’s Melbourne office as a product manager.

The ASA is stepping up its calls for WiseTech to have a face to face annual general meeting instead of the purely online AGM it is currently planning.

“There should be a face to face component of the AGM,” Ms Waterhouse said.

“Annual meetings are the one chance that retail shareholders get to meet the board and look directors in the eye.”